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Warum Abwehrmaßnahmen gegen Übernahmen in Spanien?

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  • Margalida Alemany
  • Rafel Crespi-Cladera
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    Abstract

    The adoption of takeover protections, from the empirical side, has been focused to find supporting evidence to the entrenchment hypothesis or to the shareholder value hypothesis. The expected result is a negative impact on shareholder wealth when decisions for additional takeover defenses are taken. Alternatively, external control gives more negotiation power, allowing for higher takeover prices, which is expected to increase shareholders' wealth. These two hypotheses have been widely tested in the US and the UK, where the market for corporate control is active, however they gained little attention in continental Europe. Our research, based on a sample of Spanish listed companies, reports several types of takeover protections, some of them, like voting caps, are very strong. The underlying question of the paper is about the reason why companies protect themselves against takeover and about the impact on shareholder's returns. Using the event study methodology, our results support the existence of a significant wealth effect, measured by an abnormal return of 0.5%, at the date of adoption, although the cumulative abnormal return for a [-8, +4] window is negative and significant. These inconclusive results reinforce the evidence that protections have been adopted by companies in a growing economic context. Effectively the companies of the sample outperform market and industry stock returns. Additional explanations of the significance of abnormal returns like stock trade volume,

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    File URL: http://ejournals.duncker-humblot.de/doi/pdf/10.3790/vjh.70.2.214
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    Bibliographic Info

    Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

    Volume (Year): 70 (2001)
    Issue (Month): 2 ()
    Pages: 214-224

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    Handle: RePEc:diw:diwvjh:70-20-5

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    1. RAFAEL LaPORTA & FLORENCIO LOPEZ-de-SILANES & ANDREI SHLEIFER & ROBERT W. VISHNY, . "Legal Determinants of External Finance,"," CRSP working papers 324, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    2. Philip E. Berger & Eli Ofek & David Yermack, 1996. "Managerial Entrenchment and Capital Structure Decisions," New York University, Leonard N. Stern School Finance Department Working Paper Seires 96-14, New York University, Leonard N. Stern School of Business-.
    3. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    4. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
    5. DeAngelo, Harry & Rice, Edward M., 1983. "Antitakeover charter amendments and stockholder wealth," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 329-359, April.
    6. Brickley, James A. & Lease, Ronald C. & Smith, Clifford Jr., 1994. "Corporate voting: Evidence from charter amendment proposals," Journal of Corporate Finance, Elsevier, vol. 1(1), pages 5-31, March.
    7. Maynes, Elizabeth & Rumsey, John, 1993. "Conducting event studies with thinly traded stocks," Journal of Banking & Finance, Elsevier, vol. 17(1), pages 145-157, February.
    8. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November.
    9. Danielson, Morris G. & Karpoff, Jonathan M., 1998. "On the uses of corporate governance provisions," Journal of Corporate Finance, Elsevier, vol. 4(4), pages 347-371, December.
    10. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    11. McWilliams, Victoria B. & Sen, Nilanjan, 1997. "Board Monitoring and Antitakeover Amendments," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 32(04), pages 491-505, December.
    12. Borokhovich, Kenneth A & Brunarski, Kelly R & Parrino, Robert, 1997. " CEO Contracting and Antitakeover Amendments," Journal of Finance, American Finance Association, vol. 52(4), pages 1495-1517, September.
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